Sounak Banerjee Associate Content Manager
Associate Content Manager
Top B-Schools in India offer MBA scholarships that are either institute-based, corporate-sponsored, or government-sponsored. The criteria for receiving an MBA scholarship vary by category, as B-schools award MBA scholarships to candidates who meet academic and overall performance requirements, as well as family financial circumstances.
An MBA scholarship allows students to pursue popular but expensive courses, allowing them to overcome the financial barrier. Most scholarships are awarded based on previous academic achievements and entrance exam scores, but you can still earn scholarships if you perform well during the program's duration. As a result, it is clear that receiving a scholarship while pursuing a Master of Business Administration(MBA) is the most beneficial option.
Most of these scholarships require students to apply to their particular universities. Before applying, make sure you meet all of the qualifying criteria for MBA scholarships by contacting the college's admissions office.
- MBA Scholarship in India Quick facts
- Types of MBA Scholarship in India
- MBA Scholarship in Indian Colleges
3.1 IIM Ahmedabad
3.2 IIM Bangalore
3.3 IIM Lucknow
3.4 IIM Indore
3.5 XLRI Jamshedpur
3.6 ISB Hyderabad
5.1 USA
5.2 UK
5.3 Australia
Quick Facts for MBA Scholarships in India
Tabulated below are some of the quick facts about MBA Scholarships in India.
| Industry | Management |
| Eligibility |
Most of these scholarships require students to apply to their respective colleges. Before applying for MBA scholarships, contact the college's admissions office to ensure that you meet all of the eligibility requirements. |
| Average Starting Scholarship Reward | INR 1-2 lacs per year (approx.) |
| Popular Scholarships | IDFC First Bank MBA Scholarship, Aditya Birla Scholarship, Yes Bank scholarship, India Carbon Scholarship, P.R. Karthik Scholarship and much more. |
Types of MBA Scholarships
Top B-Schools in India offer MBA scholarships of four different types. The following is a description of all four types of MBA scholarships:
- Institute Based MBA Scholarship: Such scholarships are provided by the concerned institute based upon the merit of the students which usually takes into consideration the previous academic status and the overall performance during the ongoing MBA course. On the other hand, there are also certain institutes that provide MBA scholarships based on a Merit cum means basis i.e. it considers the academic status as well as the need for financial aid of these students to pursue MBA degrees. There is yet a third option in such scholarships which aims to provide MBA scholarships to students based on their academic performance along with family earnings.
- Corporate Sponsored MBA Scholarship: These scholarships are usually provided by several companies at reputed institutes in India. These scholarships are usually started up by the alumni students of reputed B-School who do this as a memory of their MBA degree. The Aditya Birla Scholarship for MBA is the most popular in this category, followed by the O P Jindal Scholarship.
- Government-Sponsored MBA Scholarships: These scholarships are provided to aspiring MBA students by Government-led institutions such as IIMs and IITs. These scholarships are mainly offered to students who belong to backward classes like SC, ST, OBC and even to PWD category students.
- Bank Sponsored MBA Scholarships: These scholarships are provided by specific banks to the MBA Aspirants based upon their merit and family income that should not be more than 6 lacs per annum. Many banks, including PNB Housing Finance, IDFC, and Yes Bank, provide these scholarships.
MBA Scholarships in Indian Colleges
MBA Scholarships in India are offered both to Indian as well as International students subject to the fulfillment of eligibility criteria. The list of MBA Scholarships for Indian Students have been shared below:
IIM Ahmedabad MBA Scholarships
IIM Ahmedabad provides various scholarships to the ones admitted in PGP and PGP-FABM courses. This might include Need-Based Scholarships, Government based Scholarships, Industry and Corporate Scholarships, Scholarships segregated especially for reserved candidates and minority categories and much more.
| Name of the Scholarship | Eligibility Criteria | Scholarship Amount |
|---|---|---|
| Assistance ships for Students | IIM graduates who wish to pursue doctoral studies in their home country or abroad. | INR 3-4 lacs per year |
| Need-Based Scholarships |
Students whose family's gross yearly income was less than Rs.15,00,000 in the preceding financial year are eligible to apply. Family income proof, education loan amount, as well as the seeker’s past earnings, will be considered for this. |
IIM-A will determine the amount of financial assistance needed for each applicant based on its assessment of the applicant's financial situation. |
| IIM Alumni Scholarships |
Students from economically and socially challenged backgrounds receive financial assistance based on their financial situation. They shall also help in the future within 5-7 years of passing out |
INR 2-3 lacs (approx.) |
| Peri Viswanath Scholarship |
Merit-cum-means based The first-year performance, as well as previous academics, will be considered. Annual family income shall be under INR 15 lacs The beneficiary student must agree to contribute in the future. |
INR 2 lacs per year |
| SC/ST Scholarships | SC and ST students holding valid certificates are eligible to apply | INR 1500/per month |
| Aditya Birla Scholarship | A selected group of students from both the first and second years are chosen from the top 25% of their respective batches in terms of academic achievement. | INR 1.75 per year |
| OP Jindal Engineering and Management Scholarships |
Only the first and top 10 students from the management institutes’ first and second years are selected for the scholarship scheme. The rank scored by the students at the entrance exam of the college will be considered for the scheme for those who belong to their first year of the course. Those students who are still in their 3rd, 4th or 5th year, their previous academic achievements will be considered for the scholarship scheme. |
INR 1.5 lacs |
IIM Bangalore MBA Scholarships
Financial aid is available at IIM Bangalore for students who need it. It is available to all PGP students with an annual household income of less than INR 6,00,000. Other students who are experiencing serious financial hardship due to unforeseen events are also considered.
| Name of the Scholarship | Eligibility Criteria | Scholarship Amount |
|---|---|---|
| Citi Women’s Leader Award |
Only for girl students studying MBA At the end of the first year, candidates are chosen from the top 25% of the class. The students are selected based on their Statement of Purpose as well as their performance in the interviews conducted by CitiGroup. |
Second Year tuition fee |
| Aditya Birla Scholarship | A selected group of students from both the first and second years are chosen from the top 25% of their respective batches in terms of academic achievement. | INR 1.75 per year |
| Yes Bank Scholarship | Students who are among the top 20 students according to the entrance standards are eligible to apply. According to the current CGPA, you should be in the top 20% of the class. Students must participate in at least one student committee. | INR 2 lacs |
| Ministry of Tribal Affairs Scholarship | This National Scholarship is provided to complete the Higher Education of Scheduled Tribe Students for PGP's first year. | Covers the entire tuition fees |
| NTPC Scholarship Scheme | The scholarship is available to students from the SC/ST/PWD categories who are in their second year of management studies and have completed the first-year examination in one attempt. | INR 48,000 per year |
| Rajesh Kaushik Memorial Scholarship | Merit-Based | INR 1.5 per year |
| Siddhartha Padam Award | PGP students who stand on Director’s merit list Have the highest CGPA in Economics, Financing and Accounting in the first year | INR 50,000 and a medal |
IIM Lucknow MBA Scholarships
Scholarships provided at IIM Lucknow include merit-based scholarships as well as scholarships for students who belong to low-income groups. Some of these have been listed below for your reference:
| Name of the Scholarship | Eligibility Criteria | Scholarship Amount |
|---|---|---|
| Aditya Birla Scholarship | A selected group of students from both the first and second years are chosen from the top 25% of their respective batches in terms of academic achievement. | INR 1,75,000 per year |
| Need Based Scholarship | Students are provided scholarships based on their past academic records and family income that shall not be above 1.5 lacs and are eligible to apply | - |
| Bharti Scholarship | All students of the first and second year who have an annual income of fewer than 1.8 lacs are eligible to apply for the same. | INR 50,000 per year |
| SC/ST Scholarships | All the students who belong to the SC and ST categories stand eligible for applying to this scholarship. | INR 1500 per month |
| Merit-cum-Means Scholarship | This scholarship is awarded to a quarter of the students who meet certain criteria. | INR 2200 per month |
| Industry Sponsored Scholarships | Every year, students are shortlisted based on their academic achievements. | INR 6,000 - 1.5 lacs (approx.) per year |
IIM Indore
Financial help is provided by IIM Indore to participants who require it. The Need-Based Financial Assistance (NBFA) program at IIM Indore aims to ensure that no participant is denied access to the institute's education due to financial constraints.
| Name of the Scholarship | Eligibility Criteria | Scholarship Amount |
|---|---|---|
| Aditya Birla Scholarship | A selected group of students from both the first and second years are chosen from the top 25% of their respective batches in terms of academic achievement. | INR 175000 per year |
| OP Jindal Engineering and Management Scholarships |
Only the first and top 10 students from the management institutes’ first and second years are selected for the scholarship scheme. The rank scored by the students at the entrance exam of the college will be considered for the scheme for those who belong to their first year of the course. Those students who are still in their 3rd, 4th or 5th year, their previous academic achievements will be considered for the scholarship scheme. |
INR 1.5 lacs |
| Need-Based Financial Assistance | All the candidates who are admitted to PGP, PGPH, IPM are eligible to apply Their annual family income shall be below INR 9 lacs. | Depends from person to person and case to case |
XLRI Jamshedpur MBA Scholarships
XLRI Jamshedpur provides various scholarships to MBA as well as PGDM students which have been listed below for your reference:
| Name of the Scholarship | Eligibility Criteria | Scholarship Amount |
|---|---|---|
| XLRI Diamond Jubilee Scholarship | Only first-year students are eligible Based on merit-cum-needs | INR 2.5 lacs (approx.) for 1st-year tuition fee |
| Pirojsha Godrej Scholarship | PGDM-BM and PGDM-HRM students are eligible Based on merit-cum-needs | INR 25,000 |
| Aditya Birla Scholarship | A selected group of students from both the first and second years are chosen from the top 25% of their respective batches in terms of academic achievement. | INR 175000 per year |
| OP Jindal Engineering and Management Scholarships |
Only the first and top 10 students from the management institutes’ first and second years are selected for the scholarship scheme. The rank scored by the students at the entrance exam of the college will be considered for the scheme for those who belong in their first year of the course. Those students who are still in their 3rd, 4th or 5th year, their previous academic achievements will be considered for the scholarship scheme. |
INR 1.5 lacs |
ISB Hyderabad MBA Scholarships
ISB Hyderabad, the world's first institute to provide a one-year MBA programme, offers Indian and international students a variety of MBA scholarships.
| Name of the Scholarship | Eligibility Criteria | Scholarship Amount |
|---|---|---|
| Manhattan Review Scholarships | Only 5 students are eligible to apply based on their academic excellence | INR 1 lacs |
| CitiGroup Scholarships | Only 4-6 students are selected based on their academic records and previous performances | USD 12,500 |
| Nurture India | Eligibility depends upon the needs of the students | INR 4 lacs (approx.) |
| Jamboree India Talent Promotion Award | Only 5 eligible candidates are selected based on the merit-cum-means basis. | INR 1 lacs |
| Novartis | Eligibility depends upon the needs of the students | INR 4 lacs |
| ISB@10 Global Scholarship | On the basis of merit, ten international students are chosen for this prize. | INR 3-15 lacs (approx.) |
When Should I Apply for an MBA Scholarship in India?
There is surely a certain specific time when aspiring candidates must apply for numerous MBA Scholarships in India. Some of the most important points regarding the same have been mentioned below:
- In most cases, the MBA Scholarships are ready for inviting applications once the admission procedure is fulfilled and the session begins.
- While IIMs and other reputed Business Schools start inviting applications for scholarships from eligible candidates during the months of July and August.
- The scholarship amount is determined by several criteria, including annual gross family income, asset ownership, and the number of dependents in the family.
How to secure an MBA Scholarship Abroad?
MBA Scholarships offered in various countries abroad have been discussed below with their eligibility criteria and scholarship program.
USA
Pursuing an MBA will undoubtedly benefit your career, and doing so in a top-tier study destination such as the United States will make it much more valuable. However, not everyone is given this opportunity, and the majority of applicants miss out due to a lack of cash. In such cases, the students get an opportunity to apply for scholarships which act as a savior for them to achieve their dreams if they face any financial issues.
The scholarships provided in the US are of two types: Merit-Based and Need-Based Scholarships.
Top Scholarships
| Provider | Scholarship Program | Eligibility Criteria |
|---|---|---|
| Wharton School of Business | Emerging Economy Fellowships for emerging economies' aspirants who wish to pursue an MBA degree from this institute. | First-year students are eligible to apply for the scheme based on their academics, personal qualities, and professional development. |
| Social Impact Fellowship for UG and graduate students the opportunity to improve their leadership and strategic skills while having a positive impact on their work | Aspirants must demonstrate their ability to lead in the public and non-profit sectors. | |
| Joseph Warton Fellowships are provided to students who hold excellent academic as well as professional records. | This fellowship program is open to all students who have been admitted to Wharton. | |
| Columbia Business School | Meyer Feldberg Distinguished Fellowship Program for students who demonstrate leadership as well as superior academic abilities. | To stand out as an eligible candidate, the student must have excellent academic and professional records along with a record in finance, social enterprise, etc. |
| Sloan School of Management | The McKinsey Award is a fellowship program that is usually offered to 4 meritorious and deserving students in the first year based on their academic and professional backgrounds. | Academic achievement, professional leadership, and community service are all required. |
| Masters Fellowship Program is for all the students without any regard to their backgrounds so as to increase the class's diversity. | These fellowships are open to all students. | |
| Kellogg School of Management | Diversity Scholarships are provided to those achievers who excel in academics as well as have a hold over leadership skills and career enhancement. | Students who gain admission are eligible for all merit-based scholarships offered by the school. |
| Donald P Jacobs International Scholarship is provided to students interested in MMM and two-year programs | Students who gain admission are eligible for all merit-based scholarships offered by the school. |
UK
It is purely evident that pursuing an MBA degree from abroad is beneficial as it provides you with a global as well as broader perspective to solve numerous issues. The United Kingdom is well-known as a world leader in terms of quality education practices, and it is the second most popular study destination after the United States.
Also, it will be in favor of students if they pursue their degree from the UK because they will get practical knowledge about the topics since the teaching provided here takes into consideration the latest tools and techniques of the field.
Top Scholarships
| Provider | Scholarship | Eligibility |
|---|---|---|
| Study Portals/ISIC/British Council | Global Study Awards are provided to students who wish to pursue a career abroad and have got through IELTS with excellent marks. | Prospective students from all over the world will be able to apply for the Global Study Awards if they are above 18 years of age and have attempted the IELTS exam. |
| University of Cambridge | The Oxford and Cambridge Society of India Scholarship is for students who wish to pursue higher studies in any of the research specific projects. | Available only to Indian citizens who have got admission to the University of Cambridge in any full-time course. |
| Financial Sumo | The Financial Sumo Educational Scholarship Program is meant for students who require help with the costs of going to college. | There are no precise eligibility requirements listed on the Scholarship website; nonetheless, each student's profile will be considered on an individual basis. |
| Broker Fish | Broker Fish International Student Scholarship is awarded to international students to give assistance to them in obtaining International Health Insurance without any regard to the origin of birth. | This is available to full-time students enrolled in any course comparable to a degree or diploma program at an approved institution in the United Kingdom. |
| Alltoiletmatters.com | The go Clean Scholarship is provided to students based on their academic performance in their MBA degrees in the UK. | To qualify for the scholarship, you must have at least a 2.5 GPA. |
Australia
It goes without saying that earning an MBA from a foreign university is advantageous because it gives you a global and broader viewpoint from which to handle a variety of problems. However, not everyone is granted this chance, and the majority of those who apply are turned down owing to a lack of funds. In such circumstances, students are given the chance to apply for scholarships, which can help them realise their goals even if they are unable to pay for them.
The scholarships provided to MBA students in Australia have been listed below for your reference:
Top Scholarships
| Provider | Scholarship | Eligibility |
|---|---|---|
| Department of Foreign Affairs and Trade | Students from the Asia-Pacific area, Africa, and the Middle East can apply for the Australian Awards Scholarship, which is open to students of all degree levels (bachelors, masters, and PhD). | All students from Asia-Pacific areas, Africa and Middle East countries can apply if they are pursuing MBA courses. |
| The Government of Australia | The Destination Australia Scholarship is provided to international as well as domestic students for covering educational and living expenses in Australia. | All international and domestic students who have secured admission in any of the Australian Universities are eligible to apply. |
| Department of Education, Skills and Employment | Research Training Program Scholarship is meant for providing postgraduate students who take up Research Masters or Doctorate courses. | All international and domestic students who have secured admission to any of the Australian Universities are eligible to apply. |
MBA Scholarships in India FAQs
Ques. Why is an MBA Scholarship critical in recent times?
Ans. Considering the expensive nature of the course, there are several institutions that provide scholarships or financial aid to the most deserving candidates so that they can achieve this degree. An MBA scholarship allows students to pursue the popular but expensive course, allowing them to overcome the financial barrier.
Ques. What are the different types of Scholarships available in India?
Ans. Top B-Schools in India offer MBA scholarships that are either institute-based, corporate-sponsored, or government-sponsored.
Ques. What is the eligibility criteria for MBA Scholarships?
Ans. Most of these scholarships require students to apply to their respective colleges. Before applying for MBA scholarships, contact the college's admissions office to ensure that you meet all of the eligibility requirements.
Ques. What is the average reward amount for MBA Scholarships?
Ans. The average reward amount for MBA Scholarships is INR 1-2 lacs (approx.).
Ques. On what basis are these scholarships provided to students?
Ans. Most scholarships are awarded based on previous academic achievements and entrance exam scores, but you can still earn scholarships if you perform well during the program's duration.
Ques. Which are the popular scholarships in India provided to MBA Aspirants?
Ans. IDFC First Bank MBA Scholarship, Aditya Birla Scholarship, Yes Bank scholarship, India Carbon Scholarship, P.R. Karthik Scholarship and much more are some of the most popular scholarships provided to MBA Aspirants in India.
Ques. Can I get MBA Scholarships in abroad countries too?
Ans. Yes, you may find numerous MBA scholarships in abroad countries too if you have secured admission there.
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